REPAIRING YOUR CREDIT
Your credit score does not determine your character…
Helping clients repair their credit has been a passion project of Nikki’s since 2015. Nikki very quickly realized that understanding a credit bureau, how it works and why it’s important is missing in today’s education structure. A credit bureau is one of the most important areas of our financial lives that rarely ever gets discussed.
If your credit is in need of a little TLC (tender loving care) - allow Nikki to share her knowledge with you. She has taken the time to get to understand the credit bureau system, and has a true passion for sharing that expertise with her clients. Nikki will take a look at your bureau, assess the situation and create a plan of attack. You will leave feeling lighter, brighter, and more prepared for a successful financial future.
You may benefit from a credit repair consultation with Nikki if:
You have a former bankruptcy on file and are in the process of rebuilding
You have collection items that you need to pay off /just paid off and now need to rebuild
You have bruised credit from a life challenge /past relationship
You have been declined numerous times while in search of additional credit
You have high balances on your credit cards
Your cards have been cancelled
What should you know?
Repairing your credit takes patience…
Credit repair doesn’t happen over-night. It is said that 1-3 months of negative history on your bureau can do significant damage. However, 12-18 months is typically the length of time it takes to repair your credit.
Here are a few key take-aways to ensuring your bureau remains in good standing.
Pay all of your bills on time, and in full. — A great rule of thumb is to pay your bills in full and on time, roughly about 3 days before your due date. Automatic withdrawals is a great option for those who are at risk of forgetting a payment due-date.
Keep your credit utilization below 50% — If your credit card limit is $1,000 ; you should be keeping your balance under $500 at all times. This will prove to the Lenders that you’re not living off of credit and can manage it well.
Don’t consent to credit checks unless absolutely necessary — Inquiries make up about 10% of our overall credit score, so make sure you only consent to credit checks when absolutely necessary. Pulling your credit too often shows a Lender that you cannot service your current debt, and increases your risk with them, making it harder to get approved.
Pay off any and all collection items — Using a debt consolidation firm to pay off your collection items may be a great idea for you. Although the rates are higher, it may give you access to the funds you need to settle with your creditors, pay them off, and build your score in the meantime. When your score has improved, you can refinance your high interest debt into a much more manageable financing plan.